MARCH . 2010
the pulse of what's happening and what's
new around Venice
VENICE REAL ESTATE MARKET UPDATE
VENICE HOME SALES STATS SHOW MIXED RESULTS ...
February 2010 single family homes number of sales dropped slightly over the previous month from 11 to 9 sold but was greater than last February's 6 sales. The average sale price decreased about 6% as compared to January's figure. However, the price per square foot increased slightly again.
According to the Multiple Listing Service, over the past month, the number of active single family listings (as of March 18th) increased by 23% to 74 while the number of homes in escrow decreased to 29 (3 less than a month ago). There was a significant decrease in the days on market for both active and pending listings. DOM for active listings went down 17.7% to an average of 79 days; DOM for listings in escrow went down 18.7% to an average of 76 days.
The average list price for the active listings is down 4.6% from last month to $1,540,134. Of the 74 current listings, 37 (50%) are listed below February's average sale price of $1,342,500 and 37 (50%) are listed above that average sale price. The average list price for the homes in escrow is $1,006,743 ... 25% lower than February's average sales price and 34.6% lower than the average list price of the active listings.
See below for a list of all of the properties sold in Venice during February 2010.
FEBRUARY VENICE SALES ...
Sales are for all of Venice and do not necessarily represent sales of CJ & Jay Cole. Information is compiled from DataQuick and the MLS/CLAW. Sources are deemed reliable; however, no representation of any kind is made as to its accuracy.
HOW DOES THIS COMPARE ???
For a look of all of the Venice property sales by month since 1999, visit my web site at ../sa/index.html.
CALIFORNIA ASSOCIATION OF REALTORS REPORTS HOME PRICES RISE, SALES DECLINE ...
The median home price of an existing single family home in California rose 14.1 percent to $279,840 in February compared with February 2009 and home sales decreased 11.7 percent during the same period C.A.R. reported yesterday.
"The federal tax credit for home buyers, low mortgage rates, and affordability at record levels have contributed to an unprecedented opportunity for many first-timers in the market for a home of their own," said C.A.R. President Steve Goddard. "Although sales have declined from the unusually strong levels we experienced a year ago, they've remained above the 500,000-unit threshold for 18 consecutive months, while home prices continue to firm in the regions of the state most attractive to buyers taking advantage of today’s favorable market conditions."
NEW LISTING ...
2213 GRAND CANAL . VENICE CANALS
This exciting waterfront architectural home on the historic Venice Canals offers a unique combination of the peace and quiet of living in a tranquil wetlands area while being just steps from trendy Venice Beach recreational and entertainment activities. Designed by William R Pauli, AIA, it boasts 10' ceilings and walls of glass to maximize the light and views of the Canals! Features include: spacious public spaces with clean lines & handsome wood floors; stainless, wood & granite gourmet kitchen; exceptional master suite with luxurious marble spa bath + huge walk-in closet; 2 guest bedrooms with bath; office nook; laundry room plus large open penthouse with full bath great for studio, media room, gym or 4th bedroom. The home flows comfortably from in to out via 4 terraces, 3 fronting the Grand Canal, perfect for entertaining and relaxation. Extras include: 2 wood/gas burning fireplaces; wired for telephone, TV, security, computer; built-in vacuum system; dual zone heat and air.
Home: Approximately 3265 s/f ... Year Built: 2001 ... Lot Size: 2700 s/f
EXCLUSIVELY OFFERED FOR SALE AT ... $2,500,000
Download the Brochure
Download the MLS Info
To arrange a showing or for more information contact CJ at 310.823.3129.
IN ESCROW ... LOOKING FOR BACK-UP !!!
411 LINNIE CANAL . VENICE CANALS
Nestled on an island in the Venice Canals, this charming light-filled beach house offers 3 bedrooms & 2 baths in the main house + a spacious studio/office above the double garage. Tastefully remodeled, the open main level flows from the Canal-front porch to a private back courtyard and features an open living/dining area, kitchen with new cabinetry & butcher-block counter tops, a large media/family room (third bedroom), full bath and laundry room … all with gleaming maple floors and bright white walls & cabinetry. The upper level has two bedrooms, each with vaulted ceilings, new sisal-type carpet & private patio. The all-white bath has a spa tub. All rooms open via French doors to great porches/decks. The loft-style studio has 1/2 bath, 2 balconies, maple floors, high ceiling.
1921 bungalow with second story addition + studio & garage built in 1985/86.
Home: appx 1465 s/f ... Studio: appx 480 s/f ... Lot: 2850 s/f.
EXCLUSIVELY OFFERED FOR SALE AT ... $1,500,000.
Download the Brochure
Download the MLS Info
To arrange a showing or for more information contact CJ & Jay at 310.823.3129.
California median home price - February 2010: $279,840
California highest median home price by CAR region February 2010: Santa Barbara So. Coast $795,000 (Source: CAR)
California lowest median home price by CAR region February 2010: High Desert $122,580 (Source: CAR)
California First-time Buyer Affordability Index - Fourth Quarter 2009: 64 percent (Source: CAR)
Conforming mortgage rates - week ending
% Fees/points: 0.6%
% Fees/points: 06% (Source: Freddie Mac)
Please keep us in mind when you have family, friends or associates who are
thinking of buying or selling a home ... We'd love to help them achieve their dream !!!
Thanks ... CJ & Jay
CJ COLE, BROKER
Venice Beach Living
Phone: 310.823.3129 . 310.773.6945
Web Site: venicebeachliving.com